LEI (LEGAL ENTITY IDENTIFIER)
WHAT IS LEI?
WHY IS LEI USED?
WHICH BODIES ARE REGULATING THE INITIATIVE?
The Financial Stability Board (FSB), based in Basel, is an international body set up with the task of monitoring the world financial system, in order to improve its components and reduce the risk of financial crisis by sharing information.
The FSB was tasked by G20 leaders to coordinate the activities to establish a global identification system for legal entities. The system which issues LEI codes is overseen by the Regulatory Oversight Committee (ROC) which is made up of members of the FSB and other public institutions. The implementation of the global system is controlled by the Central Operating Unit (COU), which guarantees the use of uniform, global standards. The COU is currently being created, and it will be managed by the Global Legal Entity Foundation (GLEIF), a non-profit foundation specifically set up in 2014 with responsibility over system operations. The different Local Operating Units (LOU), through their knowledge of the national legal frameworks, are at this time responsible for the issuing of LEI codes.
InfoCamere, the Italian Chambers of Commerce information technology consortium, is one of the 30 worldwide organizations officially authorized by GLEIF to operate as LOU (Local Operating Unit), that is as an issuer of LEI codes, release service and IT management.
More info at lei-italy.